Word: mutualized
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...good news about hedge-fund selling is that many funds raised substantial cash in the past month and should be able to meet redemptions with money they have on hand - at least in the short term. But the mutual-fund industry - for which fleeing investors don't have to give a 45-day notice, as they do for most hedge funds - may be a different story. According to an analysis by TrimTabs Investment Research, in the last bear market, at the time of the bursting tech bubble, 4.3% of dollars in U.S. stock funds were withdrawn. So far in this...
...market, that could pose a double whammy. As mutual funds have been forced to sell long-held positions to meet redemptions this year, they have generated capital gains - which must be passed along to investors. We might therefore also see a round of year-end selling of mutual-fund shares by investors looking to offset gains and avoid paying taxes by locking in losses. "Tax-loss selling is a very powerful force," says Joe Battipaglia, market strategist for the private client group at Stifel Nicolaus. "The market is down 50% from a year ago - those are sizable losses...
...their part, Harvard students said that their university’s ranking, location, and Harvard-Yale t-shirts are all superior to Yale’s. “[Harvard also has the] biggest endowment, which leads to all sorts of great puns,” said Fish. Despite mutual teasing and criticism, however, students said the rivalry does not run deep. “My sister probably threatened to disown me at some point, but overall I think she understood,” said Jeremy Patashnik ’12. His sister, Ariel Patashnik, is currently a senior...
...Geithner also brings a good grip on the international mechanisms at work in the crisis, having traveled the world during the financial panic of 1998. He worked for Summers in the Clinton Treasury Department at the time, and he and Summers became mutual admirers. That job also exposed him to many of the national-security issues that Treasury now handles, like cracking down on the transfer of funds across borders by terrorists, and the targeted application of sanctions against the leaders of rogue states...
...probe. As his view of the case darkened, so did his relationship with Bennett, a decorated career prosecutor who had worked with Holder at the DOJ when they were young lawyers and played pickup basketball together. Bennett had come to believe his old friend was undermining the investigation. The mutual bitterness came to a head at a March 20 meeting in Holder's office...